“Global central banks are getting more serious about diversification, whereas in the past they used to just talk about it,” said Steven Englander, a former Federal Reserve researcher who is now the chief U.S. currency strategist at Barclays in New York. “It looks like they are really backing away from the dollar.” (source: Bloomberg).Central Banks, in April, May and June, the latest quarter for which data is available, put only 37% of their new reserve funds into U.S. dolllars, an amount that has plunged from the 63% average level since 1999 (source: Bloomberg - here's the LINK).
When you look at this statistic, and combine it with several recent public statements from China beating the drums for a new global reserve currency - plus the report that several large countries including Gulf Arab States are looking at dumping the dollar in oil trading - it is becoming increasingly apparent that the U.S. dollar is losing its status as the world's reserve currency.
Anyone who still has HOPE that the Obama Administration is implementing policies which support a strong dollar (i.e. reducing spending deficits, reducing Treasury debt levels, promoting real economic growth vs. just subsidizing more debt-fueled consumer spending), will be in for a very rude awakening when they wake up one day to discover that the dollars in their bank account are close to worthless. Actually, it will be more akin to being blind-sided in the head by a swinging two-by-four piece of wood.
The ONLY way to protect yourself from the rapidly growing fraud, corruption and massive wealth theft by the large Wall Street banks, and enabled by the Obama Administration - Bush was guilty too, but everything happening now is on Obama - is to move as much of your wealth as possible in to gold, silver and mining stocks. You only have yourself to blame if you don't.